What is the timing set to? Needs to be set to 10?BTDC with the diagnostic jumper in place and NO error codes stored in the ECU.
That HC and CO is too high for just a weak cat. With the NOX so low I think you're more likely looking at an incomplete burn or too much fuel (the EGR is still a consideration if it's stuck open and cooling the chamber too much for a clean burn); Your ignition timing may be retarded (whether you're timing light agrees or not) or your exhaust cam may be advanced.
Replaced the air filter recently?
Additionally, banging on a cat only tells you if it's falling to pieces; They generally fail LONG before that happen. The catalyst gets glazed over and as such doesn't interact with the gases. Also, not that continued high HC emissions will cause this glazing and neuter your cat.
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